The Notion of Arbitrage and Free Lunch in Mathematical Finance

Walter Schachermayer ()
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Walter Schachermayer: Vienna University of Technology, Financial and Actuarial Mathematics

A chapter in Aspects of Mathematical Finance, 2008, pp 15-22 from Springer

Abstract: We shall explain the concepts alluded to in the title in economic as well as in mathematical terms. These notions play a fundamental role in the modern theory of mathematical finance. We start by presenting the ideas in a very informal style and then gradually raise the level of mathematical formalisation.

Keywords: Asset Price; Option Price; Trading Strategy; Fundamental Theorem; Contingent Claim (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-75265-3_3

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DOI: 10.1007/978-3-540-75265-3_3

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